On March 7, 2014, the IRS published multiple private letter rulings addressing ownership of a trust when an ownership committee is in place, and whether transfers of property from grantor to the same trust and from the trust to beneficiaries will be treated as completed gifts. The IRS found that on the facts submitted, each Grantor would not be treated as owner of the trust, but deferred final decision until examination of income tax returns to determine the circumstances of the operation of the trust. Further, the IRS found that contribution of property to each trust by grantor was not a completed gift, meaning that the property would be includible in the grantor's estate on death. As a further result, any transfer of property from the trust to a beneficiary, other than the grantor, would be a completed gift by the grantor.